The pandemic was truly an eye opener for the world in which it made many realize that tomorrow truly isn’t promised. Making money day trading as a side hustle became a popular option (no pun intended) as Many people lost their jobs, hours got cut back and the world truly did shut down for a while. But what did not stop were expenses; the need to feed your family and pay your bills. People’s main income was affected negatively in which people weren’t making as much as before. Yet prices for simple toiletries and food continued to rise.
With all of this going on the reality is that a regular 9-5 just isn’t cutting it to make ends meet anymore. This shocked our society to the core and led them to explore different possibilities to generate income. Many people are yearning to find additional ways to make more money just to get by, pay for outings and set up their portfolio for retirement. Which has led people to explore day trading as a way to make this dream possible.
Time Is Money
Day trading is the practice of buying and selling stocks and options in a short time frame. The time frame is typically a day to avoid uncontrollable risks and negative price gaps between the close of the market on one day and the opening on the next day. Day traders’ goal is to earn a profit on each trade and then compound those gains over time. Day trading is risky but is very profitable for those who study, follow and practice a tested and proven process.
The great thing about day trading is that how much money you can make is completely up to you. Some day traders make seven figures a year while others make anywhere from $100-$500 a day. Several variables come into play when thinking how much you can make. Such as how much capital you have, how many contracts you purchase, skill level and market conditions.
The great thing about day trading is that you don’t have to dedicate 6-8 hours a day. The ball is completely in your court; how many hours you day trade is up to you. Day traders can work all sorts of hours, some can trade all day, others an hour or two and some even less than that. You can dedicate very little time and even use your lunch hour to day trade.
Side Hustle 101
We went over earlier the turmoil the country has been in which has led people to explore other financial opportunities. Such as getting a second job or what some refer to as a side hustle. A side hustle is defined as a job that brings in extra money beyond one’s regular job and main source of income. A side hustle is a valuable tool for relieving your financial burden and growing your wealth.
A side hustle is meant to generate money for you in a way that doesn’t drain you. Working for someone else can be draining because of deadlines and expectations. So, to find the most successful side hustle people look into options where they can be their own boss and set their own schedule.
The greatest reason more and more people are starting a side hustle comes down to the financial security it can provide. This has opened the door for people to explore day trading as a side hustle. We already went over that day trading can be done part time; you can literally set up a plan that is tailored specifically to your needs. You have the ability to call the shots and you have the final say of when to day trade.
You can do it as a stay-at-home mother, you can do it on your down time at work, you can do it while at work or any other break you might have. No matter what task you are presented with you can plug day trading into your life to work for you. Giving up your free time so it’s important to make the most of it. You would be taking control by creating that extra cushion and decreasing your financial burden in the process.
Money Is Tight
It is also important to know that like everything in life there is a risk you are taking with day trading. But most people know that nothing in life is guaranteed, and you sometimes need to spend money to make money. If you are not willing to invest in yourself, how can you expect to benefit in the long run?
You must be thinking we just went over that money is tight right now. How much of my own money would I need to get started? You don’t need a large amount of money to get started with day trading. You can start making money with a small account of only $500. The point of a side hustle is to make money not get rich quickly, which is the same concept with day trading.
One of the main things to keep in mind for day traders is the Pattern Day Trader rule. The rule essentially states that traders with less than $25,000 in their brokerage account cannot make more than three-day trades in a five-day period. Let’s say you only have a $1,000 account; you can only make three-day trades (from open to close of the market) within a rolling five-day period. Once you have $25,000 in equity in your account, these limits would no longer apply to you. You can also avoid the PDT rule by changing your account from a margin account to a cash account.
Summary of Day Trading As a Side Hustle
If you were a basketball player would you be more successful as the one that practices just before a game? Or is it the one that never puts the ball down, dribbles the ball in between commercials and practices his/her shot release by shooting up the ball several times into the air throughout the day. When it comes to succeeding with day trading as your side hustle it is important to make the time to practice and study the tested and proven process. Just like the athlete that puts in more time on technique when it comes to playing a game, he/she will be more successful. Same applies with day trading, the more you practice the higher probability of having a consistent success rate with your trades. The MK VIP training has plenty of resources to help you get started on earning money day trading as a side hustle.
Resources to Check Out!
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a ( FREE E-BOOK ) by Maurice Kenny DAY TRADE LIKE A MILLIONAIRE.